real estate » Housing Market Stable Expert says it’s a sellers’ market for homes under $500,000 2091380 Jackie Headapohl | Managing Editor KEYES REAL ESTATE THROUGHOUT SOUTH FLORIDA, INCLUDING BOCA, BOYNTON, DELRAY, BROWARD AND MIAMI – DADE COUNTIES LET AN OLD FRIEND BE YOUR MICHIGAN-FLORIDA CONNECTION… NINA S. SPINNER-SANDS 954-290-8293 Nina Spinner-Sands REALTOR NINASPINNER-SANDS@KEYES.COM )<@ ‹ :,33 ‹ 05=,:; 2038630 D an Elsea, president of Brokerage Services, Real Estate One, provided a resi- dential real estate forecast to mem- bers of the Birmingham Bloomfield Chamber of Commerce in early April. His forecast was positive. He said that homes in Southeast Michigan were at 85 percent of their peak value. “Michigan was the first to crash and the first to bounce back,” he said. “Real estate values are back to their long-term trends. We can expect 15 percent appreciation over the next five years.” New construction is lagging a little, with new home starts only at 33 percent back to peak in 2015. He said he expects new home starts to average 14,000 in the coming years, which is 60 percent back to peak. He said he anticipates interest rates to say steady over the next 18 months at around 4 percent. He also said the market still hasn’t Brandon Schwartz) FIND YOUR PERFECT FLORIDA HOME AND GET OUT OF MICHIGAN’S WINTERS! Dan Elsea speaks to chamber members at the Townsend Hotel in Birmingham. gone through the release of pent- up demand caused by the Great Recession. “There is good core demand in Southeast Michigan and across the country,” Elsea said. It’s a seller’s market for homes priced under $250,000-$500,000 Metro New Construction Starts Census Detroit-Warren-Livonia 25000 Your recovery after a hospital stay should begin with a knowledgeable, interdisciplinary team that understands your health care goals. Working with state-of-the-art equipment, we have the expertise and experience to treat patients recovering from a variety of conditions, including: Neurological Cardiac Orthopedic Cancer Pulmonary If you need help with any of these conditions, you may benefit from an inpatient skilled nursing and rehabilitation stay. 13 locations in the Greater Detroit area ĚAllen Park ĚAnn Arbor ĚBloomfield Hills ĚCanton ĚDearborn Heights ĚGrosse Pointe Woods ĚLivonia & Livonia NE ĚOakland ĚPlymouth ĚSterling Heights ĚWest Bloomfield ĚMarvin & Betty Danto Health Care Center Complex Medical “Real estate values are back to their long-term trends. We can expect 15 percent appreciation over the next five years.” 20000 15000 10000 5000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 New Construction Starts - Census Bureau - Detroit-Warren-Livonia – – – – More Buyers than Listings At or above list price 22% of the time Listing Inventory Still Declining, but the decline is slowing 31% Selling in 10 days or less, 54% in 30 days or less – – – – Still a few more Buyers than sellers but balancing At or above list price 17% of the time Listing Inventory Rising 24% Selling in 10 days or less, 63% in 30 or less – Listings increasing faster than buyers – Listing inventory rising – At or above list price 17% of the time – 13% Selling in 10 days or less and 23% in 30 or less heartland-manorcare.com 1996190 continued on page 60 58 April 14 • 2016